§ 10B-2. Alternative exemption.

Owners of property who previously received an exemption pursuant to § 458 of the Real Property Tax Law, but who opted instead to receive exemption pursuant to § 458-a of the Real Property Tax Law, are authorized to receive an exemption pursuant to § 458 of the Real Property Tax Law upon application by the owner within one year of the adoption this section. The Board of Assessors shall recompute all exemptions granted pursuant to this section by multiplying the amount of each such exemption by the cumulative change in level of assessment factor certified by the state board measured from the assessment roll immediately preceding the assessment roll on which exemptions were first granted pursuant to § 458-a; provided, however, that if an exemption pursuant to this section was initially granted to a parcel on a later assessment roll, the cumulative change in level factor to be used in recomputing that exemption shall be measured from the assessment roll immediately preceding the assessment roll on which that exemption was initially granted. No refunds or retroactive entitlements shall be granted.